O-I: statement on favourable asbestos ruling

2012-09-07Legal news

O-I (Owens-Illinois, Inc.) has issued a statement concerning a favourable ruling by a McLean County, Illinois, judge regarding a verdict issued on 11 March 2011, in an asbestos case.

O-I has issued a statement on a favourable ruling regarding a 2011 asbestos case

O-I (Owens-Illinois, Inc.) issued the following statement concerning a favourable ruling by a McLean County, Illinois, judge regarding a verdict issued on 11 March 2011, in an asbestos case."On August 31, 2012, a McLean County, Illinois, trial judge granted Owens-Illinois' motion to vacate O-I's portion of a nearly USD 90 million 2011 jury verdict in a case involving allegations that Owens-Illinois and other companies participated in a conspiracy to conceal or misrepresent information about the health risks associated with asbestos exposure. The McLean County trial judge entered judgment in O-I's favour, a judgment that is subject to appeal. Of the damages vacated by this ruling, USD 9.6 million in compensatory damages had been assessed against all defendants and USD 40 million in punitive damages had been assessed against Owens-Illinois.Owens-Illinois is pleased with this ruling. The ruling is consistent with O-I's position that it did not conspire with anyone concerning asbestos health hazards. It also is consistent with a prior Illinois Supreme Court decision that granted Owens-Illinois judgment in a similar case. Owens-Illinois did not change its financial outlook after the 2011 jury verdict, and does not anticipate any change to its 2012 financial outlook as a result of this ruling."